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phorm corp ltd (PHRM) Details

Phorm Corporation Limited, a personalization technology company, engages in behavioral and contextual online advertising activities. The company offers Open Internet Exchange platform to provide a source of keyword text advertising across various categories, as well as control of performance parameters, such as recency and frequency. It primarily serves Internet service providers, publishers, ad networks, and advertisers. The company has operations in China, Russia, Singapore, Turkey, the United Kingdom, and the United States. Phorm Corporation Limited was incorporated in 2012 and is based in Singapore.

Phorm Corporation announced that it has entered into unsecured loan agreements with each of Michael Bigger and Arminius Verwaltung AG, an existing shareholder and a private lender respectively, and that the final redemption date of its pre-existing convertible secured loan notes issued to Viollette Company Limited and Meditor European Master Fund Limited in April 2013, has now been formally extended. The Lenders have agreed to provide Phorm with an unsecured term loan of, in aggregate, GBP 350,000 principal amount. In accordance with the terms of the loan agreements, Phorm shall pay interest on the Loan at a rate of 5% per annum. The Loan, together with accrued interest thereon, is repayable 6 months from the date of execution of the loan agreements although such repayment date can be extended for a further 6 month period by mutual agreement between the parties. Upon repayment, Phorm is obliged to pay the Lenders an additional 15% of the Loan principal amount as a redemption fee. In addition, Phorm has granted the Lenders an option such that they can elect that repayment of the principal amount of the Loan, together with accrued interest thereon and the Redemption Fee, be satisfied, in full, by way of the issue of new ordinary shares in the capital of Phorm at the same price per share as the Company's next equity fundraising. The Company intends to use the net proceeds from the Loan for general working capital purposes and intends to raise additional equity and/or debt finance in the near term to fund its ongoing working capital requirements.

Phorm Corporation Limited Announces Management Changes

Jul 15 15

Phorm announced certain changes to the board of directors of Phorm and senior management of the company, to position it to take advantage of the opportunities which have recently opened up in the US market. As part of the changes, Kent Ertugrul, Chief Executive Officer and Executive Chairman, based in Singapore, and Andy Croxson, Chief Financial Officer, based in London, have stepped down from their respective roles effective immediately. Mr. Ertugrul and Mr. Croxson will be pursuing their other business interests but remain strongly supportive of the company's continued progress. The company is currently in the process of appointing Mr. Timothy Todd Smith to the Board as Chief Executive Officer. Mr. Timothy Todd Smith from 2006 through 2014 was an executive at Arbitron Inc. where during his last three years he served as its Chief Strategy and Business Development Officer. Mr. Smith played a significant role in the acquisition of Arbitron by Nielsen Holdings N.V. in a transaction that yielded strong shareholder returns. The proposed appointment of Mr. Smith as Chief Executive Officer of the company remains subject, to completion of the requisite due diligence procedures and the approval of the xompany's Nominated Adviser. Lex Fenwick, Non-Executive Director, will assume the role of Executive Chairman with immediate effect pending Mr. Smith's formal appointment. A further announcement will be made in due course.

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